As of October 2024, the real estate market is showing signs of stabilization with some key trends emerging:
- Slight Drop in Mortgage Rates: After a long period of high mortgage rates, there has been a slight decline, bringing some relief to homebuyers. Mortgage rates in late September 2024 dropped to their lowest point in nearly two years, which has helped improve affordability for some buyers. However, rates remain higher than in previous years, limiting overall market activity.
- Home Prices Still Increasing: National home prices have continued to rise, with a year-over-year increase of about 3.9% as of August 2024. This steady appreciation is a positive sign for sellers, although the rate of price growth is expected to slow in 2025.
- Increased Inventory: There has been a gradual rise in housing inventory, especially in the U.S., which is helping to balance the market. More homes are now available for buyers, giving them slightly more options than in recent years.
- Predictions for 2024: Economists predict that 2024 will offer more opportunities for homebuyers, with more new listings and slightly falling home prices in certain regions. However, uncertainty around mortgage rates and potential economic downturns could still influence market conditions.
